Below is a link to an article by CCN-Money about purchasing a home in 2012. It basically discusses the national real estate market but it also has a few words about Phoenix. Economists are expecting home prices to start rising by a small amount nationally this year. In Phoenix this has already started happening in a bigger way. Interest rates are still at historically low levels. This makes it a good time to buy a home if buying is right for you. Generally if you are only planning on living in an area for one to two years, it probably makes more sense to rent. However, if you plan to live in that area longer, have a stable job, and healthy finances, now may be a very good time to buy.
The ARMLS (Arizona Regional Multiple Listing Service) STAT Report for May had this to say about sales prices locally – “Both April’s sales price metrics continued on the upward pricing trend line begun in November of last year. Median and average sales prices reacted to the upward pricing pressure exerted by lower inventories. In April, the median sales price climbed 6.2% to $138,000. The average sales price also rose by 4.8% to land at $189,000. With six months of upward sales price momentum, the Valley appears poised for pricing recovery, albeit moderate and slow.”
As Phoenix was one of this first markets in the country to start feeling the effects of the decline, it makes sense that it will be one of the first areas to start experiencing a recovery.
If you would like us to email you the ARMLS full ten page STAT report for May, just email your request to firstname.lastname@example.org.